What happened at ICBC bank? Ransomware attack effect explained as world's largest bank reels in the aftermath

Thе opеrations of ICBC, also known as thе Industrial and Commеrcial Bank of China, havе bееn rеportеdly affеctеd aftеr bеing targеtеd by malicious softwarе which lеft a bad impact on thе trading of thе U.S. Trеasuriеs markеt. According to CNBC, thе softwarе affеctеd thе ICBC Financial Sеrvicеs, also known as thе financial branch of thе bank.

Howеvеr, thе attack did not happеn on a largе scalе and it startеd on Novеmbеr 8, 2023. Thе attack is currеntly undеr invеstigation and nеcеssary stеps arе bеing takеn to rеmovе thе softwarе.

A few units remained unaffected, which included the bank's head office in Beijing and New York branch alongside the domestic and overseas branches, as per Wang Wenbin, a spokesperson for the foreign ministry. According to The Guardian, the ministry has already started working to reduce the impact of the attack, and the bank is currently "monitoring the matter."

CNN states that the bank has managed to clear the US Treasury trades carried out on the first day of the attack, followed by the remaining days.

While the attack did not affect anything of ICBC on a dangerous scale, it has raised the alarm to look at the systems' vulnerability at other similar banks and other organizations.

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ICBC systems became a victim of a cyber attack on November 8, 2023

Reuters states that the U.S. Treasury was severely affected due to a cyber attack on the systems of ICBC on Wednesday. Ransomware refers to a cyber attack where hackers take control of the systems or information and leave once their demands have been fulfilled.

Financial Times revealed that the cyber attack affected the Treasury trades, and hedge funds and asset managers diverted trades. The outlet said that the Bank of New York requested an increase in the operating hours of the payment platform Fedwire so that the Treasury trades could be completed in time.

According to CBS News, foreign ministry spokesperson Wang Wenbin gave an update on the investigation through a statement, saying that the bank has given its best in handling the entire situation so that the impact can be minimized.

He added,

"At present, the business systems and office systems of the head office of ICBC and other domestic and foreign branches and subsidiaries within the group are normal."

Reuters revealed that the ICBC collaborated with a cybersecurity company to continue the bank's normal operations. The U.S. bank unit stated that the bank is also using manual steps for the trading system.

Cybercrime gang LockBit was reportedly said to be involved in the attack, but an official confirmation is yet to come out on the same. The US Justice Department states that the gang has been conducting cyber attacks worldwide since 2020 and has demanded ransoms worth $1000 million.

Ransomware expert for the cybersecurity company Recorded Future, Allan Liska, addressed the increase in similar attacks over the years, stating that it is a "trend of increasing brazenness" and that it is now easy for the ransomware groups to attack anyone without fearing the consequences.